YouTuber Jake Paul has been connected to a series of dubious crypto promotions in a new investigation conducted by crypto sleuth Coffeezilla.
Jake Paul is already the focus of some serious investigatory heat thanks to the SafeMoon class action lawsuit. The suit alleges that the famous social media irritant, along with fellow celebrities including Backstreet Boy Nick Carter, and rappers Soulja Boy and Lil Yachty, “made false or misleading statements to investors about SafeMoon.”
The suit further alleges that this was done to the profit of Paul and his celebrity peers, and to the detriment of ordinary investors.
Digger deeper underground
With a legal case working its way through the courts, YouTube internet detective Coffeezilla cast a closer eye on some of Paul’s other crypto projects and promotions. The projects under scrutiny included Sacred Devils, Yummy, Milf and STICKDIX – a phallically-focused NFT project founded by Paul himself and promoted by pornstar and NFT scammer Lana Rhoades.
Coffeezilla first explains the difficulty in investigating a character such as Jake Paul.
“On the one hand, everything on the blockchain is trackable and publicly available, which is a good thing,” said Coffeezilla in his Mar. 7 YouTube video. “On the other hand it’s super easy to set up anonymous crypto identities whenever you wanna do something dodgy.”
As Coffeezilla points out, this means that very smart influencers can do bad things without leaving a trace, while dumb influencers leave clues all over the place. So where does Jake Paul fall on the smart to dumb spectrum?
“He’s not as dumb as you guys probably think he is, but he’s not as smart as he thinks he is,” says Coffeezilla.
The projects themselves
The first crypto project which Coffeezilla connects to Paul is League of Sacred Devils, an NFT project linked to the scam ring behind Faceless and countless other rugpull projects. For his part in the promotion of Sacred Devils, Paul received a sizable 39.9 ETH.
STICKDIX was an NFT project led by Paul which netted the influencer over $1.5 million. Paul failed to deliver on the roadmap for the project, and investors lost their money when he walked away.
SafeMoon became the key to unearthing further bad practice from Paul. Using block explorers and basic chain analysis, Coffeezilla was able for the first time to link a $190,000 payment from SafeMoon to a wallet address held by the YouTube influencer. That same address was linked to payments from MILF token and Yummy.
In every case, Paul created a new wallet to receive his tokens, but he then transferred the tokens to the same wallet to cash out. Coffeezilla was able to show that in each instance a payment to a wallet connected to Jake Paul coincided with an undisclosed promotional post by Jake Paul. The payments could also be linked to a publicly available profile on Rarible called ‘PRBLM CHILD’ with @jakepaul in the bio.
In total, Coffeezilla was able to connect the star to crypto promotions and projects totaling $2.2 million. The investigation suggests a pattern of behavior in which the media personality was happy to enrich himself from the misfortune of others.
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Source: https://beincrypto.com/jake-paul-exposed-as-2-2m-serial-crypto-scammer/